In a press comment, the CEO of Tether discussed the issue of stablecoin regulation in the US. According to him, if the American authorities impose restrictions against foreign issuers, Tether is prepared to start creating a new asset for this market.
This is reported by Finway
Paolo Ardoino, CEO of Tether, noted that two bills are currently being developed in the US to regulate the issuance and circulation of stablecoins — STABLE and GENIUS. Reportedly, Tether participated in the development of the first bill, but both documents include restrictions for foreign issuers of such assets.
It is worth noting that Tether’s headquarters, the largest dollar stablecoin in the market, is located in El Salvador. Jeremy Allaire, CEO of Circle, the issuer of USDC, also emphasized that companies issuing dollar stablecoins must be registered in the US.
“We believe that our main stablecoin [USDT] is perfectly suited for emerging markets, but we can create an asset that will work in the US. We need to have two products with two different value propositions,” Ardoino stated.
The CEO of Tether also emphasized that the company is focused on emerging markets, which he has repeatedly mentioned before. Ardoino does not believe that the existing legislative framework is complex for stablecoins, maintaining an optimistic outlook on the situation.
According to Decrypt, while both bills may impact USDT, they do not prohibit its circulation on DeFi platforms. Tether has also taken similar measures in the EU, where the company’s portfolio organization — Quantoz Payments — has issued stablecoins pegged to the dollar and euro that fully comply with the MiCA regulation.